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Coinbase Gets SEC Approval for Direct Listing of COIN Shares on Nasdaq on April 14

UTC by Bhushan Akolkar · 3 min read
Coinbase Gets SEC Approval for Direct Listing of COIN Shares on Nasdaq on April 14
Photo: Depositphotos

Coinbase public listing is a major milestone for the overall crypto community and will likely push more crypto firms to make their way to Wall Street. This will further boost new developments in the crypto space and bring legitimacy to the overall market.

In a major development on Thursday, April 1, cryptocurrency exchange Coinbase announced that it has finally secured the US SEC approval to list its shares on the Nasdaq exchange ahead this month on April 14. The approval of its listing plans is a major milestone for Coinbase and the overall cryptocurrency community.

The official announcement from Coinbase notes:

“Coinbase anticipates that its Class A common stock will begin trading on the Nasdaq Global Select Market under the ticker symbol “COIN” on April 14, 2021. The registration statement relating to these securities has been filed with, and declared effective by, the SEC”.

Coinbase will be registering a total of 114 million COIN shares on the Nasdaq exchange. Ahead of its regulatory filing with the SEC, Coinbase valuations had skyrocketed to $68 billion with the value of each COIN share around $350. However, in the filing prospectus, Coinbase has warned about the Bitcoin price volatility and the price declines that could follow.

Coinbase also has a massive reach of customers worldwide. Currently, it offers a crypto trading facility in more than 100 countries and to more than 43 million registered users. Coinbase CEO Brian Armstrong, who’s already a blockchain billionaire, could see his wealth soaring further.

Coinbase Listing: Big Boost to Crypto Firms

As said that Coinbase listing will open a flood of opportunities to other companies in the crypto space. More importantly, it will further fuel institutional participation in the crypto space going ahead.

Not only that, other crypto firms operating with all the regulatory norms will get the confidence to raise funds through a public listing. Crypto exchange Kraken is also considering a similar move to go public in the next year 2022.

Possibly we are seeing ahead some big number of crypto companies coming to Wall Street over the next few years. If so this will further boost development and bring legitimacy to the overall cryptocurrency marketplace.

Crypto exchange Coinbase is on the path of building a “fair, accessible, efficient, and transparent financial system enabled by crypto”. The company offers a range of solutions catering to the needs of retails and institutional investors.

Citing institutional participation back in 2018, Coinbase has been developing a range of services like crypto custodian and Coinbase Pro that specifically caters to large OTC deals on the platform. Over the last few months, the institutional activity on Coinbase has reached new highs. Massive BTC and ETH outflows from the exchanges have been registered to go to cold storage.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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